REG - Entain PLC - Results of Placing

EntainAnnouncement

14/06/2023 07:00

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RNS Number : 6257C  Entain PLC  14 June 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH
AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE SECTION OF
THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF
SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

14 June 2023

 

Entain plc

 

Results of Placing

 

Entain plc (LSE:ENT), the global sports-betting, gaming and interactive
entertainment group ("Entain", the "Company", and, together with its
subsidiaries, the "Group"), is pleased to announce the successful completion
of the non-pre-emptive placing of new ordinary shares in the capital of the
Company announced on 13 June 2023 (the "Placing").

 

A total of 48,294,478 new ordinary shares of €0.01 each in the capital of
the Company (the "Placing Shares") have been placed by Merrill Lynch
International ("BofA Securities") and Morgan Stanley & Co. International
plc ("Morgan Stanley") who are acting as joint global co-ordinators (together,
the "Joint Global Coordinators") and bookrunners (together, the "Bookrunners")
at a price of £12.30 per Placing Share (the "Placing Price"). Banco
Santander, S.A. ("Santander", and, together with the Bookrunners, the "Banks")
is also acting as a co-manager in connection with the Placing.

 

Concurrently with the Placing, retail investors have subscribed in the offer
made by the Company via the PrimaryBid platform for a total of 486,010 new
ordinary shares in the capital of the Company (the "Retail Offer Shares") at
the Placing Price (the "Retail Offer").

 

The Placing and the Retail Offer together raised gross proceeds of
approximately £600 million.

 

The net proceeds of the Placing and Retail Offer will be used to partly fund
the acquisition of STS Holding S.A. ("STS") and the remainder will be used to
fund further near-term acquisitions.

 

The Placing Price of £12.30 represents a discount of approximately 6.9 per
cent to the closing share price of £13.22 on 13 June 2023. The Placing Shares
and the Retail Offer Shares being issued represent 8.3 per cent of the issued
ordinary share capital of the Company immediately prior to the Placing and the
Retail Offer.

 

The Company consulted with a number of its major institutional shareholders
prior to the Placing and has respected the principles of pre-emption through
the allocation process insofar as possible. The Company is pleased by the
strong support it has received from new and existing shareholders.

 

Applications have been made to the Financial Conduct Authority (the "FCA") and
London Stock Exchange plc (the "LSE") respectively for the admission of the
Placing Shares and the Retail Offer Shares to the premium listing segment of
the Official List of the FCA and to trading on the main market for listed
securities of the LSE (together, "Admission"). It is expected that Admission
and settlement of the Placing Shares and the Retail Offer Shares will become
effective on or before 8.00 a.m. on 16 June 2023. The Placing is conditional
upon, amongst other things, Admission becoming effective and upon the placing
agreement between the Company and the Banks (the "Placing Agreement") not
being terminated in accordance with its terms prior to Admission.

 

The Placing Shares and the Retail Offer Shares will, when issued, be fully
paid and rank pari passu in all respects with the existing ordinary shares of
€0.01 in the capital of the Company, including, without limitation, the
right to receive all dividends and other distributions declared, made or paid
after the date of issue.

 

Following the Placing, the Company shall be subject to a lock-up for a period
of 90 days following the date of the Placing Agreement, subject to waiver by
the Bookrunners and certain customary carve-outs agreed between the
Bookrunners and the Company.

 

Following Admission, the total number of shares in issue in Entain will be
637,643,878 ordinary shares. Therefore, following Admission, the total number
of voting rights in Entain will be 637,643,878. This figure may be used by
shareholders as the denominator for the calculations by which they determine
if they are required to notify their interest in, or a change in their
interest in, the Company under the Disclosure Guidance and Transparency Rules
of the FCA.

 

This Announcement should be read in its entirety. In particular, you should
read and understand the information provided in the "Important Notices"
section of this Announcement.

 

The person responsible for arranging release of this Announcement on behalf of
Entain is Simon Zinger (General Counsel).

 

Contact details

Entain plc

 Investor Relations - Entain plc                           investors@Entaingroup.com (mailto:investors@entaingroup.com)

 David Lloyd-Seed, Chief IR & Communications Officer

 Davina Hobbs, Head of Investor Relations

 Aimee Remey, VP US Investor Relations

 Callum Sims, IR Manager
 Media - Entain plc                                        media@Entaingroup.com (mailto:media@Entaingroup.com)

 Lisa Attenborough, Head of Corporate Communications

 Jay Dossetter, Head of Corporate PR

 Jodie Hitch, PR Manager

BofA Securities (Joint Global Coordinator and Joint Bookrunner)

Ed Peel

James Robertson

Stephen Little

Ben Winstanley

Tel: +44 (0) 20 7628 1000

 

Morgan Stanley (Joint Global Coordinator and Joint Bookrunner)

Laurence Hopkins

Tom Perry

Emma Whitehouse

Rusheel Somaiya

Tel: +44 (0) 20 7425 8000

 

Media - Powerscourt

Rory Godson / Rob Greening / Sam Austrums

Tel: +44 (0) 20 7250 1446

Entain@powerscourt-group.com

 

LEI: 213800GNI3K45LQR8L28

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest
sports betting and gaming groups, operating both online and in the retail
sector. The Group owns a comprehensive portfolio of established brands; Sports
brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet, Sports Interaction and SuperSport; Gaming brands include Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino.
The Group owns proprietary technology across all its core product verticals
and in addition to its B2C operations provides services to a number of
third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and
iGaming in the US. Entain provides the technology and capabilities which power
BetMGM as well as exclusive games and products, specially developed at its
in-house gaming studios. The Group is tax resident in the UK and is the only
global operator to exclusively operate in domestically regulated or regulating
markets operating in over 40 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by
MSCI. The Group has set a science-based target, committing to be carbon net
zero by 2035 and through the Entain Foundation supports a variety of
initiatives, focusing on safer gambling, grassroots sport, diversity in
technology and community projects. For more information see the Group's
website: www.entaingroup.com (http://www.entaingroup.com/)

Pre-Emption Group Reporting

The Placing is a non-pre-emptive issue of equity securities for cash and
accordingly the Company makes the following post transaction report in
accordance with the most recently published Pre-Emption Group Statement of
Principles (2022).

 

 Name of Issuer       Entain plc
 Transaction details  In aggregate, the Placing and the Retail Offer of 48,780,488 ordinary shares
                      represents approximately 8.3% of the Company's issued ordinary share capital.
                      Settlement for the Placing Shares and Retail Offer Shares and Admission are
                      expected to take place on or before 8.00 a.m. on 16 June 2023.
 Use of proceeds      The net proceeds of the Placing and the Retail Offer will be used to partly
                      fund the acquisition of STS Holding S.A. ("STS") and the remainder will be
                      used to fund further near-term acquisitions.
 Quantum of proceeds  In aggregate, the Placing and the Retail Offer represent gross proceeds of
                      approximately £600 million and net proceeds of approximately £591 million.
 Discount             The Placing Price of £12.30 pence represents a discount of 6.9 per cent to
                      the closing share price of £13.22 pence on 13 June 2023.
 Allocations          Soft pre-emption has been adhered to in the allocations process. Management
                      was involved in the allocations process, which has been carried out in
                      compliance with the MIFID II Allocation requirements.
 Consultation         The Bookrunners undertook a pre-launch wall-crossing process, including
                      consultation with major shareholders, to the extent reasonably practicable and
                      permitted by law.
 Retail Investors     The Company launched the Retail Offer, for a total of 486,010 Retail Offer
                      Shares, via the PrimaryBid platform, alongside the Placing.

                      Retail investors, who participated in the Retail Offer, were able to do so at
                      the same Placing Price as all other investors participating in the Placing.

                      The Retail Offer was made available to existing shareholders. Investors were
                      able to participate through PrimaryBid's platform via its partner network
                      (covering 60+ FCA registered intermediaries) and through PrimaryBid's
                      free-to-use direct channel. Investors had the ability to participate in this
                      transaction through ISAs and SIPPs, as well as General Investment Accounts
                      (GIAs). This combination of participation routes meant that, to the extent
                      practicable on the transaction timetable, eligible UK retail investors had the
                      opportunity to participate alongside institutional investors.

 

 

Important Notices

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE,
FORWARDING OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA (COLLECTIVELY, THE
"UNITED STATES")), AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR
ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY
AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. THIS ANNOUNCEMENT HAS
NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT
WILL BE SO APPROVED

This Announcement is not for public release, publication, distribution or
forwarding, in whole or in part, directly or indirectly, in or into the United
States, Australia, Canada, the Republic of South Africa, Japan or any other
jurisdiction in which such release, publication, distribution or forwarding
would be unlawful.

This Announcement or any part of it does not constitute or form part of any
offer to issue or sell, or the solicitation of an offer to acquire, purchase
or subscribe for, any securities in the United States, Australia, Canada, the
Republic of South Africa, Japan or any other jurisdiction in which the same
would be unlawful. No public offering of the securities referred to herein is
being made in any such jurisdiction or elsewhere.

This communication is not a public offer of securities for sale in the United
States. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended
(the "Securities Act"), or with any securities regulatory authority of any
state or other jurisdiction of the United States, and may not be offered, sold
or transferred directly or indirectly in or into the United States, except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance with the
securities laws of any state or any other jurisdiction of the United States.
No public offering of the securities referred to herein is being made in the
United States.

No action has been taken by the Company, any of the Banks or any of their
respective affiliates, or any of its or their respective directors, officers,
partners, employees, advisers or agents (collectively, "Representatives")
that would, or is intended to, permit an offer of the Placing Shares or
possession or distribution of this Announcement or any other publicity
material relating to such Placing Shares in any jurisdiction where action for
that purpose is required. Persons receiving this Announcement are required to
inform themselves about and to observe any restrictions contained in this
Announcement. The distribution of this Announcement, and the Placing and/or
the offer or sale of the Placing Shares, may be restricted by law in certain
jurisdictions. Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy of this
Announcement should seek appropriate advice before taking any action. Persons
distributing any part of this Announcement must satisfy themselves that it is
lawful to do so.

Members of the public are not eligible to take part in the Placing. This
Announcement is directed at and is only being distributed to persons: (a) if
in member states of the European Economic Area (the "EEA"), "qualified
investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129
(the "EU Prospectus Regulation") ("Qualified Investors"); or (b) if in the
United Kingdom, Qualified Investors within the meaning of Article 2(e) of the
UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation")
who are (i) persons who fall within the definition of "investment
professionals" in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons
who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom
it may otherwise lawfully be communicated (each such person above, a "Relevant
Person"). No other person should act or rely on this Announcement and persons
distributing this Announcement must satisfy themselves that it is lawful to do
so. By accepting the terms of this Announcement, you represent and agree that
you are a Relevant Person, if in the United Kingdom, or a Qualified Investor,
if in a member state of the EEA. This Announcement must not be acted on or
relied on by persons who are not Relevant Persons, if in the United Kingdom,
or Qualified Investors, if in a member state of the EEA. Any investment or
investment activity to which this Announcement or the Placing relates is
available only to Relevant Persons, if in the United Kingdom, and Qualified
Investors, if in a member state of the EEA, and will be engaged in only with
Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a
member state of the EEA. BofA Securities and Morgan Stanley are each
authorised by the UK Prudential Regulation Authority ("PRA") and regulated in
the United Kingdom by the PRA and the Financial Conduct Authority ("FCA").
Santander is registered with the Bank of Spain (Banco de España) under
registration number 0049 with CIF A-39000013. Banco Santander S.A., London
Branch is authorised by the Bank of Spain and subject to limited regulation by
the FCA and PRA. Each of BofA Securities, Morgan Stanley and Santander is
acting exclusively for the Company and for no one else in connection with the
Placing and will not regard any other person (whether or not a recipient of
this Announcement) as a client in relation to the Placing or any other matter
referred to in this Announcement and will not be responsible to anyone other
than the Company for providing the protections afforded to its clients or for
giving advice in relation to the Placing or any other matter referred to in
this Announcement.

This Announcement is being issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by or on behalf of any Bank (apart from the responsibilities or
liabilities that may be imposed by the Financial Services and Markets Act
2000, as amended ("FSMA") or the regulatory regime established thereunder) or
by its affiliates or any of its Representatives as to, or in relation to, the
accuracy, adequacy, fairness or completeness of this Announcement or any other
written or oral information made available to or publicly available to any
interested party or its advisers or any other statement made or purported to
be made by or on behalf of any Bank or any of its affiliates or any of its
Representatives in connection with the Company, the Placing Shares, the Retail
Offer Shares, the Placing or the Retail Offer and any responsibility and
liability whether arising in tort, contract or otherwise therefore is
expressly disclaimed. No representation or warranty, express or implied, is
made by any Bank or any of its affiliates or any of its Representatives as to
the accuracy, fairness, verification, completeness or sufficiency of the
information or opinions contained in this Announcement or any other written or
oral information made available to or publicly available to any interested
party or its advisers, and any liability therefore is expressly disclaimed.

The information in this Announcement may not be forwarded or distributed to
any other person and may not be reproduced in any manner whatsoever. Any
forwarding, distribution, reproduction or disclosure of this Announcement, in
whole or in part, is unauthorised. Failure to comply with this directive may
result in a violation of the Securities Act or the applicable laws of other
jurisdictions.

This Announcement does not constitute a recommendation concerning any
investor's investment decision with respect to the Placing. Recipients of this
Announcement should conduct their own investigation, evaluation and analysis
of the business, data and other information described in this Announcement.
This Announcement does not identify or suggest, or purport to identify or
suggest, the risks (direct or indirect) that may be associated with an
investment in the Placing Shares. The price and value of securities can go
down as well as up and investors may not get back the full amount invested
upon the disposal of the shares. Past performance is not a guide to future
performance. The contents of this Announcement are not to be construed as
legal, business, financial or tax advice. Each investor or prospective
investor should consult with his or her or its own legal adviser, business
adviser, financial adviser or tax adviser for legal, business, financial or
tax advice.

Any indication in this Announcement of the price at which the Company's shares
have been bought or sold in the past cannot be relied upon as a guide to
future performance. No statement in this Announcement is intended to be a
profit forecast or profit estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings, earnings per share
or income, cash flow from operations or free cash flow for the Company for the
current or future financial periods would necessarily match or exceed the
historical published earnings, earnings per share or income, cash flow from
operations or free cash flow for the Company.

The Placing Shares to be issued pursuant to the Placing will not be admitted
to trading on any stock exchange other than the main market for listed
securities of the London Stock Exchange.

In connection with the Placing, any Bank and any of its affiliates or any of
its Representatives, acting as investors for their own account, may take up a
portion of the Placing Shares in the Placing as a principal position and in
that capacity may retain, purchase, sell, offer to sell for the own accounts
or otherwise deal for their own account in such Placing Shares and other
securities of the Company or related investments in connection with the
Placing or otherwise. Accordingly, references to Placing Shares being offered,
acquired, placed or otherwise dealt in should be read as including any issue
or offer to, or acquisition, placing or dealing by, any Bank and any of its
affiliates and its Representatives acting in such capacity. In addition, any
Bookrunner and any of its affiliates or its Representatives may enter into
financing arrangements (including swaps, warrants or contracts for difference)
with investors in connection with which any Bank and any of its affiliates may
from time to time acquire, hold or dispose of shares. None of the Banks
intends to disclose the extent of any such investment or transactions
otherwise than in accordance with any legal or regulatory obligations to do
so. The Banks are not acting for the Company with respect to the Retail Offer.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this Announcement.

This Announcement has been prepared for the purposes of complying with
applicable law and regulation in the United Kingdom and the information
disclosed may not be the same as that which would have been disclosed if this
Announcement had been prepared in accordance with the laws and regulations of
any jurisdiction outside the United Kingdom.

UK Product Governance Requirements

Solely for the purposes of the product governance requirements contained
within the FCA Handbook Product Intervention and Product Governance Sourcebook
(the "UK Product Governance Rules"), and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any 'manufacturer' (for
the purposes of the UK Product Governance Rules) may otherwise have with
respect thereto, the Placing Shares have been subject to a product approval
process, which has determined that such Placing Shares are: (a) compatible
with an end target market of retail investors and investors who meet the
criteria of professional clients and eligible counterparties, each as defined
in Chapter 3 of the FCA Handbook Conduct of Business Sourcebook ("COBS"); and
(b) eligible for distribution through all permitted distribution channels (the
"UK target market assessment"). Notwithstanding the UK target market
assessment, distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment; the Placing
Shares offer no guaranteed income and no capital protection; and an investment
in the Placing Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of evaluating the
merits and risks of such an investment and who have sufficient resources to be
able to bear any losses that may result therefrom. The UK target market
assessment is without prejudice to the requirements of any contractual, legal
or regulatory selling restrictions in relation to the Placing. Furthermore, it
is noted that, notwithstanding the UK target market assessment, each of the
Banks will only procure investors who meet the criteria of professional
clients and eligible counterparties.

For the avoidance of doubt, the UK target market assessment does not
constitute: (a) an assessment of suitability or appropriateness for the
purposes of COBS 9A and COBS 10A, respectively; or (b) a recommendation to any
investor or group of investors to invest in, or purchase or take any other
action whatsoever with respect to the Placing Shares. Each distributor is
responsible for undertaking its own UK target market assessment in respect of
the Placing Shares and determining appropriate distribution channels.

EU Product Governance Requirements

Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive
(EU) 2017/593 supplementing MiFID II; and (c) local implementing measures
(together, the "MiFID II Product Governance Requirements"), and disclaiming
all and any liability, whether arising in tort, contract or otherwise, which
any 'manufacturer' (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the Placing Shares have
been subject to a product approval process, which has determined that such
Placing Shares are: (i) compatible with an end target market of retail
investors and investors who meet the criteria of professional clients and
eligible counterparties, each as defined in MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by MiFID II
(the "Target Market Assessment"). Notwithstanding the Target Market
Assessment, distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment; the Placing
Shares offer no guaranteed income and no capital protection; and an investment
in the Placing Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of evaluating the
merits and risks of such an investment and who have sufficient resources to be
able to bear any losses that may result therefrom. The Target Market
Assessment is without prejudice to the requirements of any contractual, legal
or regulatory selling restrictions in relation to the Placing. Furthermore, it
is noted that, notwithstanding the Target Market Assessment, each the Banks
will only procure investors who meet the criteria of professional clients and
eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect to the
Placing Shares. Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining appropriate
distribution channels.

This Announcement may contain certain forward-looking statements, beliefs or
opinions, with respect to the financial condition, results of operations and
business of the Company. These statements, which contain the words
"anticipate", "believe", "intend", "estimate", "expect", "may", "will",
"seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve"
and words of similar meaning, reflect the Company's beliefs and expectations
and are based on numerous assumptions regarding the Company's present and
future business strategies and the environment the Company will operate in and
are subject to risks and uncertainties that may cause actual results to differ
materially. No representation is made that any of these statements or
forecasts will come to pass or that any forecast results will be achieved.
Forward-looking statements involve inherent known and unknown risks,
uncertainties and contingencies because they relate to events and depend on
circumstances that may or may not occur in the future and may cause the actual
results, performance or achievements of the Company to be materially different
from those expressed or implied by such forward looking statements. Many of
these risks and uncertainties relate to factors that are beyond the Company's
ability to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants, the actions
of regulators and other factors such as the Company's ability to continue to
obtain financing to meet its liquidity needs, changes in the political, social
and regulatory framework in which the Company operates or in economic or
technological trends or conditions. Past performance of the Company cannot be
relied on as a guide to future performance. As a result, you are cautioned not
to place undue reliance on such forward-looking statements. The list above is
not exhaustive and there are other factors that may cause the Company's actual
results to differ materially from the forward-looking statements contained in
this Announcement Forward-looking statements speak only as of their date and
the Company, its subsidiary undertakings, the Banks and any of such person's
respective directors, officers, employees, agents, affiliates or advisers
expressly disclaim any obligation to supplement, amend, update or revise any
of the forward-looking statements made herein, except where it would be
required to do so under applicable law. In light of these risks, uncertainties
and assumptions, the events described in the forward-looking statements in
this Announcement may not occur. No statement in this Announcement is intended
as a profit forecast or a profit estimate and no statement in this
Announcement should be interpreted to mean that the financial performance of
the Company for the current or future financial years would necessarily match
or exceed the historical published for the Company.

 

 

 

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